Under the Securities Act of 1933,the accuracy of the registration statement is determined as of the date normal audit work is completed,which may be several months before the effective date of the registration statement.

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The accuracy of the registration statement under the Securities Act of 1933 is determined as of its effective date, not when audit work or any preparatory work is completed. The registration statement must accurately reflect the company's financial condition and business prospects at the time it becomes effective.

Under the Securities Act of 1933,the Accuracy of the Registration